China in the Asian Financial Crisis

ISBN-13: 9780415303729 / Angielski / Twarda / 2021 / 340 str.

Peter Nolan

Opis

This book argues that, contrary to the widely-held view that the Chinese economy was insulated from international capital flows, and thereby from the 1998 Asian financial crisis, the Chinese economy (especially the financial system of the Guangdong province adjacent to Hong Kong) was deeply enmeshed in the international system, and that the Chinese government succeeded in containing the crisis with difficulty. Besides showing how the crisis was contained, the book sheds a great deal of light on China's emerging financial institutions, which, the author alleges, were in 1998 'pervaded by corruption and criminality at every level'.

Spis treści

PART 1 The Challenge: The Threat of Forest Fire  1 Introduction  2 Guangdong in the 1990s  3 Linkages between Hong Kong and Guangdong   4 Hong Kong in the Asian Financial Crisis 5 Guangdong in the Asian Financial Crisis  6 The Threat of Contagion for China’s Financial System  7 Conclusion  PART 2 The Response: Three Steps (San Bu Zou) to Control the Fire  1 Introduction  2 The First Step: The Bankruptcy of Guangdong International Trust and Investment Corporation  3 The Second Step: Restructuring Guangdong Enterprises  4 The Third Step: Cleaning up the Local Financial Institutions  5 Conclusion: The Achievement of ‘Cutting the Trees to Save the Forest’ (Kan Shu Jiu Lin)  POSTSCRIPT Finance and the Real Economy: China and the West Since the Asian Financial Crisis  Introduction  The West  China  Interaction between China and the West  Fragile International Financial System

O autorze

Peter Nolan is Founding Director, Centre of Development Studies, University of Cambridge and Director, China Centre, Jesus College, Cambridge.